Somalia: Russia Writes Off All Somalia's Debts Ahead Key Summit

Pixabay
Debt.
27 July 2023
Shabelle Media Network (Mogadishu)

Moscow — Somalia and Russia signed two agreements to settle Mogadishu's debts to Moscow totaling more than $690 million.

Somali Deputy Prime Minister Salah Ahmed Jama told Sputnik that part of these debts will be paid according to the new payment schedule and part will be written off.

The signing ceremony took place on the sidelines of the second Russia-Africa summit.

One of Somalia's debts to Russia is $7.5 million, while the other exceeds $684 million and is part of the Paris Club loans.

The Somali government thanked Russia for signing the deals, Salah Ahmed Jama noted, adding that this move brings Somalia closer to improving its financial and monetary policy.

The debt owed by Somalia to external creditors is estimated to be more than $5 billion. Somalia owes the single biggest debt -- $1 billion -- to the United States.

Read the original article on Shabelle.

Tagged:
Copyright © 2023 Shabelle Media Network. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.